Acceptance sampling is a quality control technique where a random sample is taken from a lot and used to determine whether to accept or reject the entire lot. It aims to inspect a portion of items to draw a conclusion about the quality of the whole lot in a cost-effective manner. Key aspects include defining acceptance quality limits, sampling risks, developing sampling plans involving sample size and acceptance/rejection criteria, and understanding operating characteristic curves showing the probability of acceptance at different quality levels. The technique helps improve overall quality while reducing inspection costs and risks compared to 100% inspection.